U.S. crude oil price resumed sell-off on Friday as renewed economic concerns weighed on the markets, ending the quarter with the worst performance since the fourth quarter of 2008.
After Thursday's rally, crude prices went back to decline as investors worried about the global economic outlook in view of weak U.S. data and Europe's unsolved debt crisis.
The U.S. Commerce Department said consumer spending rose 0.2 percent in August, while income slipped 0.1 percent, the first decrease since October 2009.
In Europe, although euro zone countries were voting for the plan to enhance the European Financial Stability Facility, Greece' s future remained gloomy and the common currency still faced tremendous risks.
Raymond Carbone, a senior oil trader on the trading floor of the New York Mercantile Exchange, told Xinhua that the recent measures taken by the EU were only regarded as a temporary fix. " It is not the final solution," Carbone said.
The struggling situation in Europe would not be changed any time soon, and it would pose a great threat to the EU and the global economy, Carbone added.
Adding to the concerns, China's manufacturing sector contracted in September, further spurring doubts about a world economic slowdown.
Light, sweet crude for November delivery tumbled 2.94 dollars, or 3.58 percent to settle at 79.20 dollars a barrel on the New York Mercantile Exchange. It fell 10.82 percent for the month and 17.00 percent for the quarter.
In London, Brent crude for November delivery slipped 1.19 dollars, or 1.14 percent to close at 102.76 dollars a barrel. For this month, it tumbled 10.53 percent. And for the quarter, it was down 8.64 percent, the biggest decline in five quarters.
